Birmingham-based Glenn Howells Architects has designed the Octagon tower which will rise to 49 storeys.
It will house 346 build to rent flats, with up to eight to a floor getting their own uninterrupted panoramic views of the city.
Public consultation on the scheme has started today with a planning application to be lodged this summer with work scheduled to be completed by 2024.
The landmark will be built at the northern apex of the Paradise site, on land currently occupied by the 77 Paradise Circus Queensway office building and fronting Summer Row.
Rob Groves, regional director with Argent, said: “Our ambition with Octagon is simple – to build one of the finest apartment schemes ever seen in the UK.
“Everything about the building – its height, the size of the apartments themselves and their design, the views and the location in the city centre – will be a first.
“We want this building to really stand out which is why we have been working so hard behind the scenes with Glenn Howells Architects to come up with a very pure design that will create a true landmark capable of holding its own on the Birmingham skyline both now and in the future.
“The unique shape of the building means the homes will be spacious and due to its landscape windows, height and position on the Birmingham ridge, every single home at Octagon will have spectacular views across the city.”
Dav Bansal, from Glenn Howells Architects, said: “We are hugely excited about delivering the first pure Octagonal residential tower in the world here in our hometown.
“This is not just a first for Birmingham and a new landmark on the city’s skyline, but it will be a distinct and instantly recognisable design offering homes of unparalleled individuality with every apartment enjoying a generous 13m facet of the Octagon, a first ever for a residential product.”
At almost 2 million square feet, Paradise is delivering up to 10 flagship buildings, offering offices, shops, bars, cafés, restaurants and a four star hotel across 17 acres in the heart of the city, together with the proposed Octagon building.